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Insurance Glossary

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  • Waiting Period:
    The length of time an employee must wait from a date of employment or application for coverage, to the date his/her insurance is effective.

  • Waiver:
    An agreement attached to a insurance policy which exempts from coverage certain disabilities or injuries that otherwise would be covered by the policy.

  • Waiver of Premium:
    A provision in some policies to continue premium payments due during a period of continuous total disability that has lasted for a specified length of time.

  • Whole Life Insurance:
    A life insurance policy that allows benefits to be payable to a beneficiary at the death of the insured whenever that occurs. Premiums may be payable for a specified number of years (limited payment life) or for life (straight life).

  • Will:
    A legal statement of an individual's wishes concerning the disposal of his or her property after death.

  • Workers Compensation:
    A system established under state law that provides payments, without regard to fault, to employees injured in the course and scope of their employment.

  • Workers' Compensation Insurance:
    Insurance against liability imposed on certain employers to pay benefits and furnish care to employees that are: injured, killed, or are sick due to occupational hazards.

  • Written Premiums:
    The total amount of premiums written in a year for all polices issued by an insurance company.

 
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Insurance Glossary is Copyrighted By Richard H. Reynolds.
Insurance Network of America Uses This Glossary By Permission.

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Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.

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